BAKU, Azerbaijan, May 11. Iranian investment company Ahdaf and Iranian Offshore Engineering and Construction Company (Iranian Offshore Engineering and Construction Company) will develop the Lavan field to produce an additional 15 million cubic meters of gas, Trend reports.
The Iranian National Oil Company and the two named companies signed a memorandum of understanding to develop the field during the 23rd International Exhibition of Oil, Gas, Refining, and Petrochemicals.
Investments in the development of this field will amount to $900 million, according to the MoU.
Iran's Lavan gas field is located in the south of Iran, in Hormozgan province. This field was discovered in 2011. Reports indicate that the field holds 9.5 trillion cubic feet (about 269 bcm) of gas.
Moreover, Iran's National Oil Company and several companies recently signed eight memoranda of understanding worth $8 billion to develop 15 oil and gas fields.
Under the memoranda, gas production in the country will increase by 85 million cubic meters per day, and oil production will increase by 200,000 barrels per day.
To note, Iran's total hydrocarbon reserves amount to 1.2 trillion barrels. Iran can produce 340 billion barrels of this gas using existing technological equipment. Iran can use about 30 percent, while 70 percent remains unused underground.
Stay up-to-date with more news on Trend News Agency's WhatsApp channel
